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BORROWER: ARKANSAS GROUNDWATER <br />USERS ASSOCIATION <br />Contract No. C150156 <br />Original Loan Amount $970,448 <br />Adjustment (pecrease): $19,815.03 <br />Adjusted Loan Amount $950,632.97 <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />LOAN CONTRACT AMENDMENT NO. 2 <br />(STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 1 O, 2003) <br />This Amendment, made this January 1, 2010, by and between the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board ("CWCB"), and the Arkansas Groundwater Users Association, <br />a Colorado nonprofit corporation, 101 EaSt Santa F�, Box 367, Fowler, CO 81039 <br />("RORROWER" O� "CONTRACTOR"�. <br />FACTUAL RECtT,ALS <br />A. Authority exists in the law, �nd funds have been budgeted, appropriated, and <br />otherwise made av�ilable for payment in Contract Encumbrance Number C150156. <br />B. Required approval, clearance, and coordination have been accomplished from and <br />with appropriate agencies. <br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number <br />C150156, dated November 1, 2003, and amended on October 1, 2008 ( "ORIGINAL <br />Cotvrr�ncr'), incorporated herein by reference, wherein the CWCB agreed to loan <br />money in the total amount up to $970,448, and the BoRROwER agreed to repay the <br />loan in accordance with the term� of the ORi�iw�t. GotiTw>cT. <br />D. The Project was substantially complete as of August 1, 2009. <br />E. Of the $970,448 loan amount available, only $950,632.97 w�s disbursed to the <br />BORROWER for the PROJECT. <br />F. The parties agree to amend the confiract to reduce the final loan amount. <br />NOW THEREFORE, it is hereby agreed that <br />1. Consideration for this Amendment to the OR��itvAt. CoNTt�cT consists of the paym�nts <br />that shall be made pursuant to this Amendment and ORi�uva� CorvTRacr and the <br />promises and agreements herein set forth. <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the <br />ORIGINAL CONTRACT and all terms, conditions, and provisions thereof, unless <br />specifically modified herein, are to apply to this Amendment as though they were <br />expressly rewritten, incorporated, and included herein. <br />3. The BoRROwER agrees that it shall execute the following documents, all of which shall <br />set forth the revised loan amount of $950,632.97: <br />a. Promissory Note, attached as Appendix A and incorporated herein, which shall <br />replace and supersede the Promissory Note in the amount of $970,448 dated <br />Page 1 of 5 <br />